James Douglas Packer is an Australian billionaire businessman and investor. He is the son of philanthropist Roslyn Packer and media mogul Kerry Packer. He inherited control of the family company, Consolidated Press Holdings Limited, as well as investments in Crown Resorts and other companies. In May 2019, Packer’s net worth was assessed as A$4. 94 billion by the Financial Review Rich List, ranking him as the thirteenth-richest Australian.
About James Packer in brief
James Douglas Packer is an Australian billionaire businessman and investor. He is the son of philanthropist Roslyn Packer and media mogul Kerry Packer. He inherited control of the family company, Consolidated Press Holdings Limited, as well as investments in Crown Resorts and other companies. In May 2019, Packer’s net worth was assessed as A$4. 94 billion by the Financial Review Rich List, ranking him as the thirteenth-richest Australian. He was the richest person in Australia in 2006 and 2007. Forbes Asia magazine assessed Packer’s net worth at US$3. 6 billion in January 2019, the ninth-ric richest Australian. Packer was a director of Australian Telecommunications company One. Tel, which was declared insolvent during May 2001. He admitted at a PBL annual general meeting that he had learned ‘painful lessons’ from the collapse of One Tel. In April 2014, Lachlan Murdoch and Packer agreed to a A$40 million settlement, with A$14. 93 million to be paid by the Packer family’s Consolidated Media Holdings, A$11. 77 million by News Corp, and A$13 million by Crown. Resorts. Since his father’s death, he has moved away from the family’s traditional media businesses and focused on creating a gambling empire worldwide: Crown Resort and News Corp Resorts, for example. He also owns a stake in the online classified sites SEEK and Carsales.
com. He has said he did not attend university as he ‘didn’t have the marks’ and that his mentors were his father and corporate executive Albert J. Dunlap. In October 2017, Crown’s market capitalisation was over A$8 billion, every year Crown’s Australian resorts attract over 31 million visits. He bought a 25% stake in SEEK for A$33 million in August 2003. He sold most of his stake six years later for A $440 million. In March 2006, he began discussing whether to sell Channel Nine and the Australian Consolidated press magazine group to help fund his move into the international gaming and tourism business. On 17 October 2006, his team finalised a deal to sell 50% of the media assets to private equity group CVC Asia Pacific for a $4. 5 billion, plus an additional A$1 billion in equity in the new company, which would be called PBL Media. By the end of 2012, debt from CVC’s acquisition had overwhelmed Channel Nine. and US hedge funds ousted CVC, taking complete ownership. of the company. In November 2008, Packing wrote down his final 25% share in PBL media to zero. He denied that he was apologising for accepting a $327 million settlement from One Tel, and claimed he was making an apology for accepting the bona fides of a Mr and a Mr Mr. Murdoch. He said he had accepted the settlement as a ‘Mr and Mr Mr Murdoch’.
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